0001|                        SENATE BILL 282
    |
0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
    |
0003|     1996
    |
0004|                         INTRODUCED BY
    |
0005|                           JOHN PINTO
    |
0006|     
    |
0007|     
    |
0008|     
    |
0009|     
    |
0010|     
    |
0011|                             AN ACT
    |
0012|     RELATING TO CAPITAL EXPENDITURES; AUTHORIZING THE ISSUANCE OF
    |
0013|     SEVERANCE TAX BONDS TO PLAN OR DESIGN THE EXPANSION OF ROUTE 66
    |
0014|     EAST OF GALLUP IN MCKINLEY COUNTY TO FOUR LANES; MAKING AN
    |
0015|     APPROPRIATION; DECLARING AN EMERGENCY.
    |
0016|     
    |
0017|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
    |
0018|       Section 1.  SEVERANCE TAX BONDS--PURPOSE FOR WHICH ISSUED--APPROPRIATION OF PROCEEDS.--The state board of finance may issue
    |
0019|     and sell severance tax bonds in compliance with the Severance
    |
0020|     Tax Bonding Act in an amount not exceeding one hundred thousand
    |
0021|     dollars ($100,000) when the state highway and transportation
    |
0022|     department certifies the need for the issuance of the bonds. 
    |
0023|     The state board of finance shall schedule the issuance and sale
    |
0024|     of the bonds in the most expeditious and economical manner
    |
0025|     possible upon a finding by the board that the project has been
    |
0001|     developed sufficiently to justify the issuance and that the
    |
0002|     project can proceed to contract within a reasonable time.  The
    |
0003|     state board of finance shall further take the appropriate steps
    |
0004|     necessary to comply with the Internal Revenue Code of 1986, as
    |
0005|     amended.  The proceeds from the sale of the bonds are
    |
0006|     appropriated to the state highway and transportation department
    |
0007|     for the purpose of planning or designing, completing preliminary
    |
0008|     work and completing a drainage report to widen route 66 in
    |
0009|     McKinley county to four lanes.  Any unexpended or unencumbered
    |
0010|     balance remaining at the end of fiscal year 1999 shall revert to
    |
0011|     the severance tax bonding fund.  If the state highway and
    |
0012|     transportation department has not certified the need for the
    |
0013|     issuance of the bonds by the end of fiscal year 1998, the
    |
0014|     authorization provided in this section shall be void.
    |
0015|       Section 2.  EMERGENCY.--It is necessary for the public
    |
0016|     peace, health and safety that this act take effect immediately.
    |
0017|                                      
    |
0018|   
    |
0019|                    FORTY-SECOND LEGISLATURE
    |
0020|                      SECOND SESSION, 1996
    |
0021|   
    |
0022|   
    |
0023|                                              JANUARY 26, 1996
    |
0024|   
    |
0025|   Mr. President:
    |
0001|   
    |
0002|     Your COMMITTEES' COMMITTEE, to whom has been referred
    |
0003|   
    |
0004|                           SENATE BILL 282
    |
0005|   
    |
0006|   has had it under consideration and finds same to be GERMANE, PURSUNAT
    |
0007|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the INDIAN AND
    |
0008|   CULTURAL AFFAIRS COMMITTEE.
    |
0009|   
    |
0010|                              Respectfully submitted,
    |
0011|   
    |
0012|   
    |
0013|   
    |
0014|   
    |
0015|                              __________________________________
    |
0016|                              SENATOR MANNY M. ARAGON, Chairman 
    |
0017|   
    |
0018|   
    |
0019|   
    |
0020|   Adopted_______________________ Not Adopted_______________________
    |
0021|             (Chief Clerk)                        (Chief Clerk)
    |
0022|   
    |
0023|   
    |
0024|                     Date ________________________
    |
0025|   
    |
0001|   
    |
0002|   
    |
0003|     S0282CC1
    |
0004|   
    |
0005|                      FORTY-SECOND LEGISLATURE
    |
0006|                        SECOND SESSION, 1996
    |
0007|   
    |
0008|   
    |
0009|                                                   January 30, 1996
    |
0010|   
    |
0011|   Mr. President:
    |
0012|   
    |
0013|     Your SENATE INDIAN & CULTURAL AFFAIRS COMMITTEE, to
    |
0014|   whom has been referred
    |
0015|   
    |
0016|                           SENATE BILL 282
    |
0017|   
    |
0018|   has had it under consideration and reports same with recommendation that
    |
0019|   it DO PASS, and thence referred to the FINANCE COMMITTEE.
    |
0020|   
    |
0021|                              Respectfully submitted,
    |
0022|   
    |
0023|   
    |
0024|   
    |
0025|                              __________________________________
    |
0001|                              John Pinto, Chairman 
    |
0002|   
    |
0003|   
    |
0004|   
    |
0005|   Adopted_______________________ Not Adopted_______________________
    |
0006|             (Chief Clerk)                          (Chief Clerk)
    |
0007|   
    |
0008|   
    |
0009|   
    |
0010|                     Date ________________________
    |
0011|   
    |
0012|   
    |
0013|   The roll call vote was <u> 8 </u> For <u> 0 </u> Against
    |
0014|   Yes:  8
    |
0015|   No:        0
    |
0016|   Excused:   None
    |
0017|   Absent:    None
    |
0018|   
    |
0019|   
    |
0020|   SO282IC1
    |
0021|   
    |